Underdog Promo Code Sept. 2026

TL; DR: Underdog promo code summary

In a hurry? Here's a quick glance at the most important aspects of the Underdog promo code welcome bonus:

*Max. deposit match offer is 25% up to $250 in the following states: CT, HI, ID, IA, LA, ME, MT, WA

Full Underdog promo code details

Underdog's prediction platform is now live, and with it comes a top-tier welcome bonus. Right now, new users can grab a 50% first deposit match up to $1,000. While it requires a $2,000 deposit to max out this bonus, it is easily the welcome offer with the highest potential earnings of any prediction market promo.

Keep Your Million

There is another promo Underdog is running called "Keep Your Million." This promo functions as a game where users answer 20 questions. If they still have money left in their pot at the end, they receive bonus funds equal to the remaining amount.

Here's how it works:

• Every player begins the game with a virtual pot of $1,000,000.
• You will be presented with a player pick. You must choose whether you think they will go higher or lower than their posted total. (Ex. Paul Skenes Over/Under 6.5 strikeouts)
• The twist is that you can split your pot however you like. So, while you'll need to risk all $1,000,000 of your pot on the first question, you don't have to put all $1,000,000 on one side. For example, you could put $600,000 on higher and $400,000 on lower to ensure you still have something left for question two.
• You keep the amount you placed on the winning side.
• You will answer 20 questions in total. If you run out of money before question 20, your game ends.
• Any money you have left at the end is credited as bonus funds and not withdrawable as cash.

Which Underdog bonus is better?

Although the 'Keep Your Million' flashes around an mouth-watering large bonus amount, I had to look at both bonuses logically (and do a brief bit of math). The Keep Your Million bonus only awards bonus funds after 20 different sports picks are completed. 

If you split the pool evenly (50% on each side) question, you would have less than a dollar left at the end. Theoretically, you could not split the remaining pool evenly on every question. For example, if you really felt strongly about one side of the pick, you could put 90% (or more) of your remaining pool on it. One unlucky beat, though, and your chances of getting any significant bonus money is all but over. 

It's a neat concept, and a handful of lucky players might manage to make some decent bonus money from the Keep Your Million. But my math suggests the average player will get less than $50 by the time 20 picks have been completed, and maybe as low as just a buck or two. 

The good news, though, is that you don't have to choose. New users can claim the deposit match bonus and still take part in Keep Your Millions. 

How to claim the Underog promo code

I claimed the Underdog promo myself and can confirm how quick and easy the whole process way. Let's go through it, step-by-step:

1. Register

Use SBR's exclusive Underdog promo code link to start the registration process. Remember to use the code SBRBONUS when prompted.

2. Verify your identity

Underdog requires all users to complete basic verification steps after creating an account. You may be asked questions about your employment status, income level, and trading experience. This is a standard practice for federally regulated financial products,, so it shouldn't raise any red flags.

3. Deposit

Once your account is all set up, you'll need to fund it. The minimum deposit is $10, but the Underdog promo code grants you a 50% deposit match. You'd need to deposit $2,000 to max out the bonus, but then you'd have to playthrough $3,000 within two weeks to actually convert it all.

Stay practical. Deposit an amount you are comfortable with, and one that gives you a reasonable shot at converting most (or all) of the bonus funds into real cash. 

4. Receive bonus

The terms and conditions of this Underdog bonus say that it can take up to 72 hours to receive your bonus funds. However, in my experience it was much faster and my bonus funds appeared within 30 minutes. They only add this provision in case there is some sort of delay in processing your deposit. 

5. Play on Underdog

Now that your account is funded and your bonus funds are in hand, it's time to play. Enter eligible fantasy contests and make Prediction Picks to complete the 1x playthrough requirement. Note that that bonus funds cannot be applied to any entry with a payout multiplier lower than 2x. 

6. Cash out

After a couple of weeks, you should have been able to convert a good chunk of your bonus funds into real money. If you made some smart plays or lucky picks, your original deposit may have grown as well. Head back to the Banking section to make a withdrawal. Remember that you can typically only cash out using methods you've already deposited with first. 

Underdog promo code terms & conditions

Underdog keeps things pretty simple with its bonus terms, but you should still know the details to get the most from the offer:

• Eligibility: Must be a first time Underdog customer and use the promo code SBRBONUS.
• Minimum deposit: $10 or more. Remember, only your first deposit is matched at 50%.
• Maximum bonus: The top bonus amount is $1,000, which requires a first deposit of $2,000 or more.
• Playthrough requirement: You must complete a 1x playthrough on your deposit amount, plus bonus amount, before you can cash out.
• Unused bonus funds: You have 14 days to complete the playthrough requirement. Any unused bonus funds will be forfeited at that time.

1x playthrough example

If you're not familiar with playthrough requirements, here's a real example of how Underdog's 50% deposit match works:

• I deposit $200 as my first deposit on Underdog.
• I am credited a 50% match, which is another $100 in Bonus Funds.
• My combined balance for playthrough is $300.
• I need to accumulate $300 in qualifying entry fees and prediction picks spending within 14 days to unlock the entire bonus amount.

After 14 days

Any unearned bonus funds will expire after 14 days, meaning they become void and completely unavailable to you. Your original deposit will never be forfeited, though. 

Can I cash out if I win?

As you're completing the playthrough requirements, you could win money with your picks and predictions. If that happens, you are eligible to cash out those profits, according to Underdog. However, any remaining bonus amount is still subject to playthrough requirements.

My best advice? Clear as much as you can over the 14 days before you worry about trying to cash out. 

Sports event contracts on Underdog

The latest addition to Underdog, sports events contracts, allows you to make predictions on events across all major sports leagues, including the NFL, college football, the NBA, MLB, the NHL, and more.

Similar to Kalshi and other top prediction markets, event contracts function as a marketplace between you and other traders on the platform, allowing you to purchase a contract for a specific event. 

For example, if there's an event for the Dallas Cowboys vs. Philadelphia Eagles, you could purchase an event contract on either team to win. The prices fluctuate with the likelihood of the event occurring, which also serves as implied odds expressed as a percentage.

For example, buying event contracts on the Eagles to beat the Cowboys at $0.61 per contract means the market believes there is a 61% chance Philly gets the job done. 

While the prediction market is evolving quickly, Underdog is currently the only company that offers fantasy sports and prediction markets in the same app.

How the Underdog promo code compares

Underdog recently switched business models, now embracing the new trend of online financial trading platforms known as prediction markets.

Here's a look at how the Underdog promo code compares to other top bonuses from competing brands, such as the Kalshi promo code:

Other prediction market bonuses worth checking out are the Gemini predictions promo code, Plus500 promo code, and Onyx promo code.

Where is Underdog legal?

Underdog operates in 38 states, plus Washington, DC. However, due to local regulations, it doesn't offer the exact same product in every state.

Underdog is legal in the following states:

Alabama, Alaska, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Utah, Vermont, Virginia, Washington, Washington, D.C., West Virginia, Wisconsin, and Wyoming.

Prediction only states

The following states have Underdog's Prediction Picks, but not Pick'em or Drafts: Connecticut, Hawaii, Idaho, Iowa, Louisiana, Maine, Montana, Washington

Prediction excluded states

Underdog's Prediction Picks are not currently available in the following states:

Arizona, Colorado, Kentucky, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Jersey, Ohio, Pennsylvania, and Tennessee. They are also unavailable in U.S. territories.

Is Underdog legal and legit?

Short answer: Yes, Underdog is a legitimate sports prediction platform that operates legally in most U.S. states.

Underdog's sports event contracts are traded via regulation from the Commodity Futures Trading Commission (CFTC), a federal agency. Underdog itself owns and operates UDX, which is a company that includes a CFTC-registered designated contract market (DCM).  

Underdog Predict and Underdog Fantasy are two separate legal entities. They do not share user funds between them. 

Keep in mind that Underdog being regulated by the CFTC does not mean it's risk free. Just like any other financial investing product (stocks, futures, real estate, cryptocurrencies), there is a very real chance you could lose money. 

My full Underdog review

I've already spent dozens of hours using the Underdog product, testing it in every aspect. I deposited $100, earned $50 in deposit matching, and made a handful of picks to work on playing through the bonus funds. I even contacted support with a question I already knew the answer to, just to see how quickly and clearly they would assist me. 

Here's everything I've learned:

Underdog: Better on the app

There's nothing wrong with the Underdog desktop website, but the platform truly shines in the mobile app. It smartly organizes the products available in your location, making it easy to see which contests or Prediction Picks you can choose from. 

There's a menu of options across the bottom and a handy search bar at the very top of the screen, along with convenient access to your banking options and account details. 

Underdog pros and cons: Great for sports, but not much else

No product is perfect, so let's see where Underdog shines and where it could use a bit more polish:

Pros: ✅

• Sports-focused: If you're looking to predict on sports, Underdog is a great place.
• Federally regulated: With oversight of the CFTC, Underdog is a safe and reliable option.
• Excellent mobile app: The iOS and Android versions of Underdog are both well-designed and easy to use.

Cons: ❌

• Unproved Prediction Market: Underdog only recently launched its prediction market, putting it behind leaders like Kalshi or Polymarket.
• Limited Early Cashout: Sometimes the option to sell your position early can disappear, due to lower liquidity. That rarely happens on larger prediction markets.

Underdog sports to trade on: NFL, MLB, NBA, and more

Underdog focuses most of its efforts on major North American leagues, with the NFL, MLB, and NBA taking center stage. However, they also offer contests and markets for plenty of other sports too, including the NHL, college football, combat sports (MMA and boxing), soccer, golf, tennis, and the WNBA. In select locations, there are even markets for eSports tournaments for games such as Counter-Strike 2 or League of Legends.

Tapping on each league will display a larger list of available markets, including upcoming games and popular player picks.

Underdog fees: Perfectly balances and easy to understand

When it comes to fees, Underdog doesn't complicate things. It charges a simple one-cent per contract per side. So if you buy 100 contracts, you pay $1.00 in fees. That's much easier to wrap your head around compared to some other prediction markets, which use a more complicated math formula to calculate fees based on the market price you paid. 

Underdog support: In-app live chat

Underdog offers 24/7 live customer support in its app, accessible by clicking "Contact Support" in the account tab. You can also reach out via email or X/Twitter, though you may not receive a response as quickly.

I reached out to Underdog to ask them to explain the playthrough requirements on the 50% deposit match bonus, even though I already knew the answer. Although I did have to contend with an AI assistant after opening a Live Chat session, the bot was able to narrow down my question and connect me with a real human within minutes. That person was polite and professional and explained the bonus terms in a way anyone could understand. 

Underdog banking options: Plentiful and fast

You can fund your Underdog account using a variety of payment methods, including online banking, PayPal, Apple Pay, and credit or debit cards (Visa, Mastercard, Discover, Amex). The minimum deposit is $10, no matter which option you choose.

Best of all, deposits are instant and come with no fees. However, not all banking options are eligible for Underdog Predictions Picks, so pay attention to which method works with each Underdog platform.

Underdog withdrawal methods

Withdrawals from Underdog are typically fast and free. The standard minimum cash out amount is $10, but you can always your entire balance if it's less than that. Depending on the banking method you pick, cash outs and usually completed with 24-to-72 hours.

You can only use Visa or Mastercard to withdraw if you've previously used those methods to deposit. PayPal and Venmo have identical policies, so consider your deposit method carefully, as it may dictate how you can cash out. 

Underdog latest developments

By following Underdog on social media, you can find out about special promos, the latest updates, and more. However, most of the information shared on social media is memes and quotes from coaches, athletes, and media personalities. Below is a list of the most recent updates:

September 2026

-Underdog agrees to give up its daily fantasy sports licenses in seven states (MA, MD, MI, MS, NJ, PA, and OH) where its prohibited from offering DFS alongside prediction markets. 

August 2026

-Underdog unveils two new welcome bonuses: a 50% first deposit match and the Keep Your Million game, a Press-Your-Luck-type game featuring 20 rounds of sports picks. 

-Underdog introduces a new Crash game for MLB betting, letting your stake multiply with every pitch until you cash out or a "crash" event occurs. 

July 2026

-Underdog is acquired by IG Group, a U.K.-based financial technology company, for $1.3 billion. Underdog will continue to operate as a standalone business. 

-Underdog announces the launch of its own in-house exchange for prediction markets, licensed by the CFTC.